Are you continue to getting lower than 3% in your financial savings?

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Savers with closed easy-access savings deals are being short changed if they don’t switch to live easy-access deals, data shows.

Closed-easy access rates have been lower than live easy-access rates over the past two years, according to rates scrutineer Moneyfacts Compare.

The incentive to switch from a closed savings account to a live deal has grown as rates have been higher.   

The difference between the average closed rate and live rate on easy-access accounts has widened from 0.08 percentage points in July 2022 to 0.31 percentage points in July 2024.

In July 2022, the average closed rate was 0.51 per cent while the average live easy-access rate was 0.59 per cent. 

Today, the average closed rate is 2.82 per cent and the average live easy-access rate is 3.13 per cent. 

The margin between the average easy-access closed rate and live rate was at its biggest in October 2023 (0.66 percentage points), when the average easy-access closed rate was 2.52 per cent while the average live rate was 3.18 per cent.

The biggest banks are paying less than 2 per cent on their most flexible live savings accounts, which is lower than both the average overall live and closed easy access account rates of 3.13 per cent and 2.82 per cent respectively. 

Rachel Springall, finance expert at Moneyfacts Compare said: ‘Savers are being short-changed if they don’t proactively review and switch from their closed easy access accounts.

‘Over the past two years, the average rate on a live easy access account has surpassed the average closed rate, despite base rate rises from the Bank of England and numerous calls for the biggest banks to improve savings rates for existing customers.

‘Savers must shake any apathy they have to move their pots, otherwise they will be left disappointed when their loyalty is not rewarded.’

The simple message to savers is to switch to the best easy-access account on the market while rates are still high.

This is Money’s easy-access best buy tables still feature easy-access accounts paying rates of 5 per cent or more

Chase Bank has an easy-access account which pays a rate of 5.1 per cent. 

This is a boosted rate with a 1 per cent bonus ending on 16 January 2025. 

The underlying rate is a variable 4.1 per cent which will drop when the Bank of England base rate is cut.

If you want to open a Chase saver with a boosted rate, you only have until 17 July 2024. 

Chase’s easy-access account requires a current account which savers can open in Chase’s app. 

The Chase account also comes with 1 per cent cashback in the first year of having the account.

Oxbury Bank’s easy-access account pays a rate of 5.1 per cent. It has a high minimum deposit of £20,000. 

This account can be opened online. It is a limited easy-access account so could be removed from sale at any time.

Given that savers are paying more tax on their savings interest due to high interest rates and a frozen personal savings allowance, savers with bigger pots would be wise to consider an easy-access cash Isa to scoop some of their interest out of the taxman’s hands.

Plum’s easy-access Isa* pays 5.17 per cent making it the best overall rate for an easy-access cash Isa but it includes a bonus rate of 0.86 for the first 12 months.

If your balance dips below £100, or you make more than three withdrawals in a year, the rate drops to 3 per cent.

The other drawback with Plum’s account is that it is not flexible. 

‘Flexible cash Isas are a great savings tax-beating tool , as they can allow you to dip into your pot and as long as you put the money back in during the same tax year, it doesn’t lose its tax-free wrapper or use up any of that year’s Isa allowance.

The best flexible easy access cash Isa comes from Chip* at 5.1 per cent and Zopa at 5.08 per cent – both are app-based accounts. 

Paragon Bank’s Isa is also flexible and pays 4.95 per cent. It can be opened online

> See This is Money’s five favourite cash Isas

James Blower, founder of website Savings Guru said: ‘Markets are still pricing in a strong likelihood of the base rate cutting to 5 per cent in August – if not almost certainly in September. 

‘Given this, best buy rates look overpriced currently and it feels like a savers market.’